MISC; Buy; RM5.14
Price Target: RM6.45; MISC MK
On course

2Q13 core net profit within expectations. Pursuing third party LNG contracts. Near term growth drivers intact; stock remains undervalued. Maintain Buy and RM6.45 SOP-based TP.

AMMB; Hold; RM7.96
Price Target: RM7.50; AMM MK
Led by fee income and recoveries

1QFY14 net profit within our and consensus’ expectations, led by non-interest income and recoveries. Acquisitions gaining traction. Business volume was soft post-GE, but should pick up and drive loan growth. Maintain HOLD and RM7.50 TP.

Pos Malaysia; Buy; RM5.25
Price Target: RM5.60; POSM MK
Good start

1Q14 net profit of RM43.7m within expectations. Growth in core businesses – mail and courier – supported the stronger earnings. Net cash grew 2% q-o-q to RM1.23/share. More synergies to be realised from DRB-HICOM; maintain BUY.

Source: HwangDBS Research - 19 Aug 2013